May 2023: The body moisturizing products sector witnessed a 7% increase in revenue on e-commerce platforms, according to the latest report conducted by YouNet Ecommerce Intelligence (YouNet ECI), a subsidiary of YouNet.
Revenue boosted thanks to Mall shops:
The report from YouNet ECI utilized daily data collected from 4,099 stores selling body moisturizing products, including Body Lotion, Body Serum, and Body Cream, on the e-commerce platforms Tiki, Shopee, and Lazada during the month of May.
Utilizing AI technology combined with industry expertise, YouNet ECI accurately calculated the revenue (Gross Merchandise Value) and market share of each brand.
YouNet ECI’s AI system also filtered out over 62B of abnormal GMV in cases of promotional gifts, abnormal pricing, or fraudulent activities to provide the most accurate reflection of actual purchasing power on the platforms.
The results showed that in May 2023, the body moisturizing products sector achieved a total revenue of 47.2 billion VND on the three e-commerce platforms, a 7% increase compared to the previous month. Shopee accounted for a significant portion of the sector’s revenue, with 92.2% of the total GMV, while Tiki and Lazada held 0.6% and 7.2% market share, respectively.
May, the body moisturizing products sector reached 47.20B in GMV on the three e-com platforms, Source: YouNet ECI
Shopee demonstrated the highest GMV growth rate among the three platforms with an 8% increase, while Lazada saw a 7% increase and Tiki experienced a sharp decline of 27% in GMV. Leading the growth on Shopee were the Vaseline and Olay brands, with a respective revenue increase of 9% and 23%, contributing over 54% to the platform’s additional GMV in May.
For both Shopee and Lazada, the Mall segment (Shopee Mall and LazMall) played a significant role in driving revenue growth, despite having fewer stores compared to regular sellers. Shopee Mall contributed 60% to the platform’s additional GMV in May, while Lazmall’s figure reached 82%.
There is a clear trend of Vietnamese consumers shifting towards favoring purchases from authorized sellers, indicating that competition in the e-commerce market will require brands to provide a guaranteed and premium shopping experience, according to YouNet ECI’s analysis.
Shopee Mall stores from Unilever (Vaseline), Paula Choice’s, NIVEA, and Freshity dominated the top positions in terms of revenue among body moisturizing product stores. Notably, a Shopee store operated by beauty influencer Nhankhaai quickly rose to the ninth position within just four months of its launch, demonstrating rapid revenue growth.
Vaseline dominates market share
As the most accurate holder of e-commerce revenue data for brands, YouNet ECI has revealed the top-selling body moisturizing brands in May: Vaseline (12.38 billion VND GMV across all three platforms), Paula Choice’s (3.25 billion), Olay (2.46 billion), NIVEA (2.38 billion), and RMON (1.74 billion).
Leading in total revenue across all three platforms in May, the Unilever-owned brand Vaseline accounted for 26.2% of the market share in the sector, a 1% increase compared to April.
The top 5 best-selling body moisturizing brands on e-commerce platforms in May, Source: YouNet ECI
Thanks to its ability to accurately identify and classify product lines and segments, the report from YouNet highlights that the most revenue-effective product line for Vaseline in May was the Vaseline Healthy Bright SPF50+ PA++ Sun + Pollution Protection Body Serum.
Analyzing the product models’ contributions to Vaseline’s growth in May, source: YouNet ECI
In the prolonged heatwave, it is understandable that many brands in the top 10, such as Olay, Rose de Seoul, Five Grains, and WHISIS, experienced double-digit growth in GMV in May.
RMON was the only brand in the top 10 with a significant decline in revenue in May. Specifically, RMON experienced a 30% decrease in GMV across all three platforms and lost 2.2% market share. However, this could also indicate a return to normal revenue levels for the brand after experiencing a 36% growth in April due to Shopee’s 4.4 Super Fashion & Beauty Sale event.
Expected prices on Shopee are 50,000 VND higher than on Lazada:
In terms of pricing, the report from YouNet ECI indicates that the price range of 174,000 – 1 million VND generated the most revenue for brands in the body moisturizing sector. This price range contributed to 57% of the sector’s total revenue in the month.
When analyzing each platform separately, with the ability to filter out gift products and artificially priced items, YouNet ECI discovered that, on average, body moisturizing products purchased on Shopee in May were priced 50,000 VND higher than those bought on Lazada. Specifically, the average price of a body moisturizing product on Shopee was 177,584 VND, while on Lazada, it was 127,828 VND.
Comparison of average selling prices of body moisturizing products consumed on Shopee and Lazada, source: YouNet ECI
These results partially demonstrate the difference in consumer price expectations when choosing body moisturizing products on the two platforms (excluding applicable voucher codes at checkout), which brands should consider when developing pricing strategies and promotions.
Download full report file here: https://forms.gle/PQv3mw4n6BeN9cMaA
About YouNet Ecommerce Intelligence:
YouNet Ecommerce Intelligence (YouNet ECI) is a data intelligence solution serving brands in Vietnam with market share management, competitor tracking, agencies and partners monitoring, and operational activities improving in e-commerce.
Contact:
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Dang Dang Truong – Marketing
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Phone: 070 3214 359
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Email: truongdd@younetgroup.com
